Standard Media Group said it acquired nine TV stations from Waypoint Media and Vision Communications for $59.9 million.
The stations are in six markets. The transaction marks the second time this year Standard Media has acquired stations. It bought two Citadel stations for $83 million in May.
“This is the second acquisition Standard Media has announced in 2019, and we are looking forward to adding these stations to our expanding broadcast group,” said Standard Media CEO Deb McDermott. “We are also excited to begin working with the talented teams in each of these markets. Waypoint and Vision have been successful in building these station groups, and our focus will be on continued growth with a focus on quality news.”
The transaction includes Fox & NBC affiliate WGBC-TV in Meridian, MS; Fox affiliate WHPM-LD in Hattiesburg, MS; NBC affiliate WNBJ-LD in Jackson, TN; Fox and CBS affiliate KJNB-LD and KJNE-LD in Jonesboro, AR; Fox and NBC affiliate WPBI-LD, along with ABC affiliate WPBY-LD, both in Lafayette, IN; as well as Fox affiliate WYDC-TV and MyNet affiliate WJKP in Elmira/Corning, NY.
As part of the transaction, Standard Media is also acquiring Waypoint’s news production operations located in Little Rock, AK, as well as a combination of 15 FM and AM radio stations in three markets owned by Star City Broadcasting in Lafayette, IN, and Sound Communications, LLC in Olean and Elmira/Corning, NY.
“We are thrilled to hand off our station group to Standard Media. We see them as very similar career broadcasters and operators that understand the future of our business. This bodes well for our employees, our advertisers and the communities we serve,” said Mike Reed, founder of Waypoint Media.
Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor to Standard Media in connection with this transaction. Kalil & Co., Inc. acted as exclusive financial advisor to Waypoint and Vision.
After clearing regulatory hurdles, the deal is expected to close in the first quarter.